NIGERIA’s foreign investment inflows dropped by N11.48 billion between January to June 2021.
This is according to the Central Bank of Nigeria (CBN) ‘Financial markets department 2021 half-year activity report.’
The report revealed that foreign inflows amounted to N105.24 billion, while the outflow was N116.72 billion at the end of June 2021, reflecting a net outflow of N11.48 billion.
It read, “Foreign investment inflow amounted to N105.24 billion, while outflow was N116.72 billion at end-June 2021, reflecting a net outflow of N11.48 billion.
“In the first half of 2020, foreign investment inflow was N129.95 billion, while outflow was 14266.68 billion, reflecting a net outflow of N136.73 billion.”
The report explained that the percentage of foreign portfolio investments in the stock market at the end of June 2021 was 21.46 per cent, lower than 39.52 per cent recorded in the corresponding period of 2020.
It highlighted capital flight, arising from perceived economic uncertainties, and the lingering impact of the COVID-19 pandemic as reasons for the performance.
Two years ago, The ICIR had reported a 70 per cent drop in Nigeria’s capital importation metric, according to the National Bureau of Statistics (NBS)